HomeMy Public PortalAbout2003-039 Resolution Designating City Officials to Make Investment Transactions with US BankMember Workman introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.03-39
RESOLUTION DESIGNATING CITY OFFICIALS TO MAKE
INVESTMENT TRANSACTIONS WITH U.S. BANK
WHEREAS, the city of Medina (the "City") has received a request from U.S. Bank to
provide a resolution designating City personnel to make investments transactions.
NOW, THEREFORE, BE IT RESOLVED by the city council of the City of Medina,
Minnesota that:
1. Mayor Phil Zietlow, City Administrator -Clerk -Treasurer Chad M. Adams, and Deputy
Clerk Laura Sulander are authorized, on behalf of and in the name of the City of Medina, (a) to
direct, orally or in writing or electronically or through other medium agreed to by said officer(s) and
the Corporate Treasury Division of U.S. Bank N.A. ("Treasury"), the opening of an investment
account and the investment of municipal funds in securities and/or time deposits with and/or
through Treasury through such account; (b) to execute, on behalf of the municipality, contracts or
agreements in connection with such investment account in the usual form provided by Treasury for
such accounts generally; (c) to receive in respect of said Investment account confirmations, receipts,
notices, demands, reports, and communications of any kind; (d) to receive in respect of said
investment account money, securities, time deposits, and property of every kind, and to dispose of
same; (e) to endorse and deliver for deposit, negotiation, transfer, pledge, or sale, and to identify or
guarantee signatures or endorsements on, notes, certificates of deposit, checks, and securities of all
kinds, either belonging to or coming into the possession of the municipality; and (f) to authorize,
orally or in writing or through any other medium agreed to by said officer(s) and Treasury, the
debiting and/or crediting by Treasury of this municipality's deposit account(s) at any financial
institution for the purpose of effecting such transaction; and,
2. The City Administrator -Clerk -Treasurer be authorized and directed to certify to
Treasury the foregoing resolution and that the provisions thereof are in conformity with the Articles
and Bylaws of this municipality and to certify to Treasury the names of the persons now holding the
offices referred to above and any changes hereafter in the persons holding said offices together with
specimens of the signature of such present and future officers, and,
3. The authority granted to the officers of Medina shall continue in full force and effect,
and Treasury may rely thereon in dealing with such officers, unless and until written notice of any
change in or revocation of such authority shall be delivered to Treasury by an officer of this
municipality, and any action taken by said officers and relied on by Treasury pursuant to the
authority granted herein to its receipt of such written notice shall be fully and conclusively binding
on the City of Medina; and,
4. The actions of any officer of the City of Medina heretofore taken in opening an
investment account with Treasury and in the investment of municipality funds through such
account, be, and the same hereby are in all respects, ratified, confirmed, and approved; and,
Res. #03-39, December 2, 2003
5. All prior resolutions of the City of Medina authorizing the opening of an investment
account with Treasury and the investment of City of Medina funds through such account, be, and
the same hereby are, rescinded and superseded as to all such transactions with respect thereto
effected after the date of adoption of these resolutions.
Dated: December 2, 2003.
Phillip Zietlow, !! ayor
ATTEST:
971 Az,,„,„.
Chad M. Adams, Administrator -Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by member Brinkman
and upon vote being taken thereon, the following voted in favor thereof:
Workman, Zietlow, Smith, Brinkman
and the following voted against same: Lane (absent)
None
Whereupon said resolution was declared duly passed and adopted.
Res. #03-39, December 2, 2003